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系統識別號 U0026-2108201320560600
論文名稱(中文) 投資性不動產之認列與揭露
論文名稱(英文) Recognition versus Disclosure of Investment Property Fair Values
校院名稱 成功大學
系所名稱(中) 財務金融研究所在職專班
系所名稱(英) Graduate Institute of Finance (on the job class)
學年度 101
學期 2
出版年 102
研究生(中文) 張慈韡
研究生(英文) Tzu-Wei Chang
學號 R87991083
學位類別 碩士
語文別 中文
論文頁數 58頁
口試委員 指導教授-劉裕宏
口試委員-林松宏
口試委員-張福星
中文關鍵字 投資性不動產  公允價值  認列  揭露 
英文關鍵字 Investment property  Fair value  Recognition  Disclosure 
學科別分類
中文摘要 我國企業自2013年起適用國際會計準則(IFRS)編製財務報告,國際會計準則第四十號(IAS 40)規定企業對於投資性不動產之公允價值得選擇按公允價值模式或成本模式衡量,市場對認列的增值利益多有期待,主管機關則為避免市場波動過大及企業有操控空間,規定投資性不動產之後續衡量暫採成本模式,嗣後再檢討。政策制定者及其他報表使用者對於認列與揭露之攸關性,及企業是否因而有操控盈餘的空間?及是否因而影響財報資訊的可靠性?又外部監控機制獨立估價師能否提升其可靠性?等議題亟為關注。
文獻研究對於公允價值之會計攸關性提供強有力的實證證據,但對於公允價值之會計可靠性則有不一致的發現結果;大部分認列相對揭露之相關研究僅測試二者攸關性之差異,或以認列較具攸關性推論其較具可靠性。本文參考文獻建議,除了驗證認列相對揭露之攸關性,並建立實證模型測試公允價值可靠性,同時考慮獨立估價師評價及管理當局盈餘管理動機之影響。
本文實證結果彙總如下:(1)投資性不動產公允價值採用認列模式較採用揭露模式更具攸關性;(2)投資性不動產公允價值採用認列模式較採用揭露模式估計偏誤更高,是以採用認列模式所呈現之價值攸關性顯然與其可靠性無關,市場投資人對於公允價值之可靠性僅能從「採用認列與否」作為判斷,至於實質可靠性之評估,涉及專業判斷,顯然投資人須仰賴專業機制為公允價值之可靠性把關;(3)採用認列模式雖然有較大之盈餘操控空間,但實際上並未增加估計值偏誤之程度,外部獨立估價師有效提升認列公允價值之可靠性;(4)外部獨立估價師確實可降低公允價值估計值偏誤之狀況,但四大會計師對降低公允價值估計偏誤並無顯著影響,估價與審計各有其專業,兩大機制俱全較能確保外部監控發揮效用。本文期許研究結果可提供本國主管機關制定相關準則之參考,並善用外部監控機制提升公允價值之可靠性,俾提供市場投資人更周全之保護。
英文摘要 Taiwan adopted IFRS in 2013. Since IAS 40 permits entities to choose measurement subsequent to initial recognition between a fair value model and a cost model, the market investor look forward to the benefit to recognize unrealized gains or losses of investment property, but the FSC restricts entities to adopt cost model until review on 2015 to avoid market volatility and earning management . The policy-makers and the users of financial statement concern about the following topics : (1)The value-relevance and the reliability of recognition versus disclosure of investment property fair values, (2) Whether recognition is associated with the incentive to manage earnings, and the reliability decline for rcognizers. (3) Can the independent appraisers increase the reliability of recognition?
Empirical studies provide evidences about the value-relevance of accounting fair value, but have not unanimous conclusion of the reliability. Most of related prior studies only test the difference of value-relevance of recognition versus disclosure of investment property fair values, or make an inference of reliability from value-relevance. This stuty not only examines the value-relevance of investment property fair value, but investigates the reliability by empirical models, and considers the inferences of independent appraisal estimates and the incentive to manage earnings.
The empirical results suggest that : (1) The higher value-relevance is found to be evident in recognized fair value estimates of investment properties as compared with disclosed values. (2) Bias increases for recognizers, we therefore conclude that the value-relevance of recognition is irrelevant to the reliability, and the investors perceive recognized items to be more reliable than disclosed items just because they are “recognized”. The essentially evaluate of reliability depends on professional judgment, so the investors need the independent appraisers to check on. (3) Opportunism increases with recognition as compared with disclosure, but does not increase the bias of estimates actually. The reliability of fair value estimates increases when valued by external appraisers. (4) The external appraisers and Big 4 auditors have distinct specialties, a monitoring mechanisms include both of them are intended to bring into play.
論文目次 第一章 緒論 1
第一節 研究動機與目的 1
第二節 論文貢獻 4
第三節 研究流程、架構與論文章節 5
第二章 文獻探討 8
第一節 投資性不動產之會計處理 8
第二節 公允價值之會計攸關性 11
第三節 公允價值之會計可靠性 13
第四節 認列相對於揭露之相關研究 15
第三章 研究設計 19
第一節 研究假說 19
第二節 實證模式與變數定義 22
第三節 資料來源與樣本選取 29
第四章 實證結果與分析 31
第一節 認列與揭露的價值攸關性 31
第二節 認列與揭露之可靠性 36
第三節 認列公允價值之可靠性與盈餘管理動機 41
第四節 敏感性分析 45
第五章 結論與建議 50
第一節 研究結果 50
第二節 研究限制與建議 52
參考文獻 54
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